Britons thinking of emigrating told to consider currency fluctuation
Britons thinking of emigrating have been told to carefully consider the effects of currency fluctuation by a foreign exchange and cash deposit service provider.
The comments from HiFX followed the publication of its latest Global Property Hotspots survey, which demonstrated strengthening interest in the real estate markets of Turkey and Cyprus.
And as emigration enquiries might be on the increase, HiFX warned that prospective overseas property investors should even small fluctuations in the exchange rate can have a "huge impact" on a person's future wealth.
Mark Bodega, a spokesman for HiFX, explained that moving abroad is a process that can take several months - or years - to complete, leaving ample time for exchange rates to change for the worse from an investor's point of view.
"The last thing that any family taking the leap would want to do is unnecessarily lose as much as tens of thousands of pounds in the process," he remarked.
Mr Bodega concluded by saying that this could be avoided by "being aware of the alternatives" early on in the process of buying property abroad.
The Directgov online government portal suggests that Britons looking abroad for property should look into health provisions in their area of interest.
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